MAPFRE widens New England reach
MAPFRE Insurance in Webster will acquire as much as $127 million of business from an insurance company - MiddleOak Insurance of Middletown, Conn., and Salem - to expand its insurance offerings in New England.
The deal focuses on personal insurance business in Massachusetts, Connecticut, New Hampshire and Rhode Island. In addition, as part of the agreement, MAPFRE will enter the Maine and Vermont markets. The additional business will come in the form of homeowners, dwelling, fire, umbrella, watercraft, and flood insurance, according to a statement from MAPFRE.
MiddleOak is exiting the personal lines market in New England, the statement said.
MAPRE Insurance will offer agency agreements to MiddleOak independent agents in New England who are not already MAPFRE agents, and, working with agents, will offer insurance policies to MiddleOak customers at the time their policies would otherwise renew.
In addition, MAPFRE Insurance said it will offer jobs to some MiddleOak employees and “has implemented multiple plans to effect the transition of MiddleOak’s operations to MAPFRE systems.”
MAPFRE Insurance is part of MAPFRE U.S.A. Corp., the parent of Webster-based Commerce Insurance. MiddleOak Insurance Group is owned by Country Insurance and Financial Services.
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